The Income Tax Bill, 2025 introduces several key changes compared to the Income Tax Act, 1961. Below are some of the major differences and amendments: 1. Structural Changes New Terminology: Introduction of “tax year” in place of “previous year.” Reorganization of Sections: The 2025 Bill consolidates and streamlines various provisions to make them more structured. […]
Jaipur, January 3, 2024 – In a significant ruling today, the Jaipur Bench of the High Court of Judicature for Rajasthan directed the Enforcement Directorate to release the seized currency assets of M/s Harish Forex Services Pvt. Limited and other petitioners within four weeks. The court held that the prolonged detention of these assets violates
Modernizing India’s tax system is on the agenda. For decades, the Income Tax Act, 1961 has governed direct taxation. However, mounting complexity and compliance challenges have spurred calls for a simpler, more transparent framework—the Direct Tax Code (DTC). This guide explains both systems, compares their key features in an at-a-glance table, and outlines what the changes
Jaipur, 4th January 2024 – In a significant ruling, the High Court of Judicature for Rajasthan at Jaipur quashed the penalty imposition under Section 270A of the Income Tax Act on Chambal Fertilizers and Chemicals Limited (the petitioner), granting immunity under Section 270AA of the Act. The Court held that the petitioner had voluntarily disclosed
The Direct Tax Code (DTC) 2025 is poised to revolutionize India’s taxation landscape by replacing the complex Income Tax Act of 1961 with a unified, clear, and taxpayer-friendly framework. This article explains what the Direct Tax Code is, its evolution, key features, benefits, and potential challenges—all in an easy-to-read format enhanced with tables and icons
📌 Introduction to Income Tax Audit Section 44AB of the Income Tax Act mandates an audit of accounts for certain individuals and businesses, ensuring financial transparency and compliance with tax laws. This article provides a detailed and structured overview of the applicability, exemptions, and audit requirements under this section. ✅ Applicability of Section 44AB The
Jaipur, February 4, 2025 – The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 724 days in filing an appeal by the assessee, citing “sufficient cause” and a “humanitarian approach” towards the circumstances leading to the delay. The case, concerning M/s. Choudhary Construction, was remanded back to the Commissioner
New Delhi, February 2025: The Indian government has outlined its fiscal strategy for the upcoming years in its latest Fiscal Responsibility and Budget Management (FRBM) Policy Statement. The report, tabled in Parliament by Finance Minister Nirmala Sitharaman, revises the fiscal deficit target for FY 2024-25 to 4.8% of GDP, with a further reduction to 4.4%
New Delhi, February 6, 2025 – In a significant ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the assessments against multiple assessees, holding that the assessments made under Section 143(3) of the Income Tax Act, 1961, were invalid in law. The case pertains to the appeals filed against the orders
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